Data report
Elisa Sérayet
Created on December 5, 2023
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Transcript
Metro Bank: What's going on and is my money safe?
The index
Why are they worried?
Is their money safe?
What's been going on?
What is Metro Bank?
The founder is an American businessman -> Vernon Hill
Metro Bank is a publicly listed company on the London Stock Exchange. Metro Bank's biggest shareholder is Spaldy Investments. It is an investment vehicle owned by Colombian billionaire investor Jaime Gilinski Bacal, who built one of the biggest banking empires in Latin America.
The bank offered customer-friendly perks like :- Opening its doors seven days a week - Putting out water bowls and dog biscuits for customers' pets- Avoid "the lunchtime sprint" by being open between 8am and 8pm for the entire week
Launched in 2010 as a "challenger" bank
What is Metro Bank?
Now plans are to cut more than 850 jobs and shorten its opening hours.
The bank's stock market value is now less than £100m, whereas it was valued at about £3.5bn at its peak five years ago.
In early October, Metro Bank was looking to raise money from investors. -> It has been success by winning 2.7 million.
Several challenges in recent years after an accounting scandal in 2019, which led to some top executives, including Mr Hill, leaving the company.
What's been going on?
Some customers might end up having their loans managed by another bank in the future.
Their customers are protected with guarantees.
There are not facing any immediate threat.
Is their money safe?
Analysts have been on high alert for any problems in the banking sector following the collapse of US banks :
- Silicon Valley Bank
- Signature Bank
Rising interest rates have eroded the value of assets on banks' balance sheets, making them more vulnerable to massive withdrawals and putting pressure on the financial system.